If you've read all of AARP's pages on alternatives,
you've gotten a good introduction to the other choices that may be available to you.
But this topic is so important that you may
want more details and more choices.
You can use the same state-by-state alternatives database that many HECM counselors use.
But note that the SSI information at this site
is out-of-date. For 2010, the maximum monthly
federal benefit levels are $674 for qualifying
singles and $1,011 for couples. In states with
supplemental payments, the benefit levels are
greater. Get the latest information on state
supplements here.
And just in case you missed them, here are some of the best online resources for finding alternatives to reverse mortgages:
State-Specific Fact Sheets
Eldercare Locator for local
eldercare services and programs
Benefits QuickLINK for
state and federal programs
Home Improvements:
for a local directory go
to www.homemods.org
Other Housing Options:
for a basic primer, click here
Private Care Managers:
to find a private care manager,
go to www.caremanager.org/
Legal Resources:
National Senior Citizens Law Center: www.nsclc.org/
National Assn. of Elderlaw Attorneys: www.naela.org
"It really should be a last resort if you really don't have another option. It's more appropriate for
people in their late 70s
and 80s."
- John Rother,
AARP Exec. VP
"Put off reverse mortgages. When you turn 62, sales-people come out in force, urging you to strip the equity out of your home
to support spending now. Don't do it. . . . Save the reverse mortgage option
for your late 70s or 80s, when other money might
be running low."
-
Jane Bryant Quinn,
AARP News Bulletin